Wealthy nations, led by the United States, should move to reduce or eliminate all tariffs on imports from developing countries as one way to help offset the extraordinary costs these countries face in confronting climate change. If U.S. tariff policy continues on the current trajectory, the U.S. is likely to collect about $90 billion in import duties on products from developing countries, excluding China, by 2020.1 The combined total collected by the European Union, Japan, and other wealthy countries may exceed that amount.
"We've got to deal with the conflicts. If I hire S&P or Moody's to be my consultant and show me how I can do this and that to get an investment-grade rating or [an] even higher rating, they obviously have a conflict of interest there."
"That's right. I think the compensation model... where the issuer pays for the rating is really at the heart of the conflict problem..."
New Brief Shows Young Americans Need Wall Street Reform
Washington — Young Americans face "lasting damage" from the dual crises in the financial sector and in personal finance, making it urgent that Congress pass strong financial reform legislation.
Young adults have an enormous stake in the financial regulatory reform debate. They have paid a high price for a banking crisis caused by lax regulation, and their economic futures will depend on rebuilding strong public structures for financial regulation going forward. This briefing paper addresses some of the key reforms and the impact of both the banking crisis and unregulated lending practices on young Americans' financial futures.
The major credit rating agencies, Moody’s, Standard & Poors, and Fitch, bear a heavy burden of responsibility for the financial meltdown. It was their seal of approval that enabled Wall Street to develop a multi-trillion-dollar market for bonds resting on a foundation of tricky loans and bubbly housing prices. Institutional investors around the world were seduced into buying these high-risk securities by credit ratings that made them out to be as safe as the most conventional corporate and municipal bonds.
Public Works began this far-reaching effort with groundbreaking analysis and thorough, multifaceted research that examined Americans' attitudes toward the public sector. This research, which was originally conducted in 2004–2005 by the FrameWorks Institute and re–tested in 2008–2009 by the Topos Partnership, was designed to uncover the dominant frames or stereotypes to which Americans default when they think about government and how those frames affect public choices.
Washington — SenatorAl Franken (D-MN) has introduced a financial-reform amendment that finally addresses the root problem of the credit rating agencies—their built-in conflict of interest. The "Restore Integrity to Credit Ratings" amendment, co-sponsored by Senators Charles Schumer (D-NY) and Bill Nelson (D-FL), substantially embraces a remedy set forth in a recent Demos policy paper on this subject.
Cleveland — Ohio's young adults will continue to face a tough economy--one ravaged not only by recession but also by 30 years of declining opportunity and security for all but the most highly educated and affluent, according to a new report by Policy Matters Ohio and the national policy center Demos.
This fact sheet includes a brief overview of why paying for college has become so difficult. Suggestions for how college students can lower their own college costs and information on public policies that can make attending college more affordable are included.
TOP FACTS:
New York, NY — Demos, a national research and policy center, is pleased to announce the addition of two new members of its fellows program who are also developing new books under the Demos Books Project:
Turnout Increases of 4.3 Percent Likely Under Current Proposed Legislation
Annapolis, MD — In the historic 2008 presidential election, Maryland ranked 12th among states in voter participation by eligible residents. Voter participation in Maryland could significantly increase if the state passes Same Day Registration (SDR) into law, according to a new report published today by Demos and released in collaboration with ACLU of Maryland.
Authors R. Michael Alvarez (California Institute of Technology) and Jonathan Nagler (New York University) have analyzed the likely impact on voter turnout should Maryland adopt Same Day Registration (SDR). Under the system proposed in Maryland, eligible voters who miss the current 21-day deadline for registering may be able to register to vote during the state's 7-day early voting period, or on Election Day.